Cotton is trading mostly lower into the day session, though March ’25 contracts are still up by 51 points. Futures had gapped 10-25 points higher at the overnight open, and March was up by as much as 50 points for the high; though, prices are back to 10 points lower into the day session. Cotton futures finished Monday mixed as old crop closed mostly weaker but within 11 points of UNCH. The new crop cotton market rallied 30 to 51 points to start the week. That left Dec at a 321 point discount to spot futures.
NOAA’s update 7-day QPF has more rainfall for the TX/LA Gulf, with accumulations of as much as 4”. Most areas, including N.W. TX and OK, will expect to receive 1”. Northern MS/AL/GA will mostly miss out during this period.
The Cotlook A Index for 1/26 was another 40 points stronger to 94.85 cents. USDA’s weekly Cotton Market Review had 95,183 bales sold for the week, quoting the average price at 81.24 cents/lb. The AWP increased by 217 points to 67.64 cents for the week. ICE certified stocks were 999 bales as of 1/26.
Mar 24 Cotton closed at 84.26, down 11 points, currently down 10 points
May 24 Cotton closed at 85.57, down 6 points, currently down 11 points
Jul 24 Cotton closed at 86.35, up 3 points, currently down 15 points
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